GBP futures: downside poised to continue

Traders in GBP futures markets increased their open interest positions by more than 1K contracts on Wednesday vs. Tuesday’s 177,968 contracts, according to advanced data from CME Group. On the opposite side, volume dropped by nearly 3.8K contracts.

GBP/USD next target appears at 1.3040

Cable’s weekly performance stays choppy for the time being, although the recent daily pullback along with a tick lower in open interest seems to have opened the door for a potential test of last week’s lows in the 1.3040 area. If cleared, the psychological support at 1.3000 the figure will emerge on the horizon.